Teva Pharmaceutical Industries Ltd.
Teva is the world’s largest generic drug manufacturer. Since at least 2014, there has been intense public scrutiny into the rising prices of generic drugs, including Congressional hearings, calls for drug pricing legislation, and prosecutorial investigations.
The Complaint asserts claims for violations of Sections 10(b) and 15 of the Securities Exchange Act of 1934 against Teva and certain of its senior executives (“Defendants”). The action alleges that throughout the Class Period, Defendants made false and/or misleading statements denying that Teva “engaged in any conduct that would give rise to liability” in various antitrust proceedings and investigations that enveloped the company. In truth, and as Defendants failed to disclose to investors, (i) contrary to its public denials, Teva had in fact engaged in a vast, industry-wide price-fixing scheme and other collusive misconduct since at least 2012; (ii) Teva was not only a participant, but the company at the heart of the anticompetitive scheme; and (iii) several Teva employees had such deep involvement in the scheme that they would ultimately be named personally as defendants in a sweeping civil enforcement action filed by the AGs of virtually every state in the nation.